BTIG Research Reiterates Buy Rating for ON (NYSE:ONON)

ON (NYSE:ONON)‘s stock had its “buy” rating reaffirmed by investment analysts at BTIG Research in a research note issued on Wednesday, Benzinga reports. They currently have a $60.00 target price on the stock. BTIG Research’s target price would suggest a potential upside of 124.18% from the stock’s current price.

ONON has been the topic of a number of other reports. Needham & Company LLC cut their price target on shares of ON from $45.00 to $37.00 and set a “buy” rating on the stock in a report on Tuesday, August 11th. Zacks Research lowered shares of ON from a “hold” rating to a “strong sell” rating in a report on Thursday, September 3rd. Robert W. Baird lowered their price objective on shares of ON from $70.00 to $55.00 and set an “outperform” rating for the company in a research report on Wednesday, August 12th. The Goldman Sachs Group set a $42.00 target price on shares of ON in a research note on Wednesday, August 12th. Finally, Wall Street Zen lowered shares of ON from a “buy” rating to a “hold” rating in a research report on Saturday, July 18th. Two analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $44.75.

ON Price Performance

Shares of ONON stock opened at $26.76 on Wednesday. The stock has a 50 day moving average price of $33.05 and a 200 day moving average price of $35.87. ON has a 52-week low of $26.60 and a 52-week high of $51.08. The company has a debt-to-equity ratio of 0.25, a quick ratio of 2.25 and a current ratio of 2.83. The firm has a market capitalization of $17.08 billion, a P/E ratio of 18.21, a P/E/G ratio of 0.55 and a beta of 2.08.

ON (NYSE:ONON) last announced its quarterly earnings data on Tuesday, August 11th. The company reported $0.35 EPS for the quarter, missing the consensus estimate of $0.42 by ($0.07). ON had a net margin of 12.09% and a return on equity of 22.92%. The business had revenue of $1.05 billion during the quarter, compared to the consensus estimate of $1.09 billion. During the same period last year, the company earned ($0.09) EPS. The business’s revenue was up 13.5% compared to the same quarter last year. As a group, sell-side analysts predict that ON will post 1.49 earnings per share for the current year.

Insider Activity

In other ON news, insider Olivier Bernhard bought 65,000 shares of the business’s stock in a transaction on Friday, August 14th. The shares were acquired at an average price of $30.67 per share, with a total value of $1,993,550.00. Following the transaction, the insider owned 5,228,184 shares of the company’s stock, valued at approximately $160,348,403.28. This trade represents a 1.26% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Caspar Coppetti purchased 65,000 shares of ON stock in a transaction dated Friday, August 14th. The stock was acquired at an average price of $30.67 per share, with a total value of $1,993,550.00. Following the acquisition, the chief executive officer owned 2,440,855 shares in the company, valued at approximately $74,861,022.85. This represents a 2.74% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure.

Institutional Trading of ON

A number of hedge funds have recently bought and sold shares of the stock. Platinum Paramount Investment LTD. purchased a new position in shares of ON in the 4th quarter valued at $525,784,000. Bamco Inc. NY boosted its position in ON by 13.9% during the fourth quarter. Bamco Inc. NY now owns 5,405,486 shares of the company’s stock valued at $251,247,000 after purchasing an additional 658,933 shares in the last quarter. Norges Bank purchased a new position in ON in the fourth quarter valued at about $128,826,000. Wellington Management Group LLP raised its holdings in ON by 2.3% in the second quarter. Wellington Management Group LLP now owns 2,751,615 shares of the company’s stock worth $97,462,000 after purchasing an additional 62,404 shares in the last quarter. Finally, Clearbridge Investments LLC lifted its position in shares of ON by 110.3% during the fourth quarter. Clearbridge Investments LLC now owns 2,179,978 shares of the company’s stock valued at $101,325,000 after buying an additional 1,143,414 shares during the last quarter. Hedge funds and other institutional investors own 36.39% of the company’s stock.

About ON

On Holding AG, known as On, is a Swiss sportswear company that develops and sells performance footwear, apparel and accessories. The company is particularly recognized for its running shoes, which incorporate proprietary technologies such as CloudTec cushioning and Speedboard components designed to support comfort, responsiveness and energy return.

On serves athletes and consumers across categories including running, outdoor activities, training and everyday performance. Its products are sold through the company’s direct-to-consumer channels, including its website and branded retail stores, as well as through a network of wholesale partners in markets around the world.

On was founded in 2010 in Switzerland by Olivier Bernhard, David Allemann and Caspar Coppetti.